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Wells Fargo plans contingent annual interest CDs linked to commodities
By Angela McDaniels
Tacoma, Wash., Dec. 2 - Wells Fargo Bank, NA plans to price contingent annual interest market-linked certificates of deposit due Dec. 31, 2015 linked to a commodity basket, according to a term sheet.
The equally weighted basket includes the S&P GSCI Crude Oil Index Excess Return, the S&P GSCI Wheat Index Excess Return, the S&P GSCI Livestock Index Excess Return, gasoline, sugar, soybeans, zinc, gold, platinum and nickel.
In December of each year, the CDs will pay a coupon equal to the sum of the basket components' weighted returns, with a floor of zero. The return of each basket component will be subject to a floor of negative 20% and a cap of 10% to 13% that will be set at pricing.
The payout at maturity will be par.
The CDs (Cusip 949748A72) are expected to price Dec. 27 and settle Dec. 31.
Incapital LLC is the distributor.
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